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IRS INVITES COMMENTS ON LIHTC COMPLIANCE MONITORING AND ERROR CORRECTION PROCEDURES

Thursday, August 1, 2013 - 7:00AM

The Internal Revenue Service (IRS) invites public comments on existing procedures for monitoring low-income housing credit (LIHTC) requirements and correcting errors and omissions in administration of LIHTC allocation amounts and recordkeeping. Current regulation requires state allocation plans to provide a procedure for Section 42 compliance monitoring and to report any noncompliance to the IRS. Other regulation allows state and local housing credit agencies to correct errors and omissions in LIHTC administration and recordkeeping within a reasonable period after their discovery. No changes to the procedures have been proposed.  Comments are due Oct. 1.

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